Businesses with diverse personnel will find they need to customize their employee reward programs to meet employees' various personalities and preferences.
Successful companies are able to utilize the varied experiences of their staff to create innovative solutions and designs. Having multiple viewpoints internally allows organizations to resolve problems quickly and identify new opportunities, which has contributed to a high level of diversity at most modern businesses.
While the different background of each worker brings a new perspective to operations, it also creates challenges in effectively engaging everyone. Businesses with diverse personnel will find they need to customize their employee reward programs to meet employees' various personalities and preferences. Employee Benefits reported that this is particularly true for multi-generational groups. Younger staff members typically have different needs than those near retirement.
"The rise of the multi-generational workforce presents numerous challenges to today's HR professionals when devising benefits packages to engage and attract employees," Katharine Photiou, director at Barclays Corporate and Employer Solutions, told the source. "For organizations, understanding these generational differences is a key business imperative, particularly when devising and implementing organizational engagement strategies."
A survey by Barclays Corporate and Employer Solutions found that 85 percent of workers feel that their existing benefits don't fit their needs, according to the source. This can contribute to lower levels of engagement and staff loyalty. However, the survey showed that few respondents had a clear sense of what type of benefits package would meet their needs.
Customizing rewards to increase appeal
Open communication is essential for resolving all types of problems, and this also applies to worker benefits and other HR programs. Employee incentive programs are common engagement strategies that help boost sales and performance. Having input from staff members can generate an initiative that appeals to a variety of employees.
One area that organizations focus on to ensure a good response from workers is the rewards that are offered. Big rewards get people excited about participating and can lead to good results. Business 2 Community noted that big rewards do not always mean expensive items. Employees could be rewarded with options such as a job-swap program that gives them a new perspective on products and services or highlights potential paths for advancement. Flex scheduling, participation in mentorship programs and other creative rewards can be used to foster engagement and build loyalty without a lot of cost. These types of incentive programs may have broader appeal by creating new experiences for all employees. When designing benefits and employee management strategies, it is important for organizations to consider the various backgrounds of their workforce. Accepting suggestions for fun and exciting rewards can let businesses adjust their recognition programs to appeal to a diverse staff.